Vermont Property Taxes: TaxRate2004 Revenue Property Transfer Tax.5%- 1.25%$33,951,657 Speculative Gains Tax 5-80%$4,288,132 Current Use Penalty Tax 10-20%$404,155.

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Presentation transcript:

Vermont Property Taxes: TaxRate2004 Revenue Property Transfer Tax.5%- 1.25%$33,951,657 Speculative Gains Tax 5-80%$4,288,132 Current Use Penalty Tax 10-20%$404,155 Property Tax (State Portion) avg 1.52%$741,600,000

Vermont Property Taxes

Property Taxes Are actually 2 taxes: on land and on improvements. Provide a steady and reliable source of income. Account for 1/3 of VT’s state revenue. Can influence development patterns.

Land Value Taxation: Shifts property tax liability from improvements to land. Articulated by political economist Henry George (1879). Equity, Efficiency, Environmental Protection.

Effects of Land Value Taxation: Removes “market disincentive” for making improvements. Reduces land speculation. Reduces sprawl, encourages compact development. Society benefits from societal value of land.

Applications of Land Value Taxation: 700 cities worldwide use a graded property tax system Denmark (1844) Canada (1903) South Africa (1914) Pennsylvania (1913)

Land Value Taxation in Vermont? Currently 2/3 of VT Property Tax Revenue comes from tax on the value of buildings. Buildings assessed at $33.2 Billion and Land assessed at $14.9 Billion. LVT rate of 5% would generate the current level of revenue for the state.

Recommendations: Apply LVT only in “growth centers.” Reverse current ratio to generate 2/3 of state property tax revenue from taxes on land. Work with established growth boundaries being developed by the Vermont Smart Growth Collaborative. Revenue Neutral.

Proposed Property Tax Revenue